Singapore’s property insurance market is set to expand significantly, with gross written premiums (GWP) expected to rise from S$1.3b (US$973.2m) in 2026 to S$1.6 billion (US$1.2b) by 2030, according to GlobalData. The projected compound annual growth rate (CAGR) of 6.4% is attributed to resilient property values, ongoing development, and digital distribution advancements.
The growth is underpinned by infrastructure and housing projects, as well as the adoption of embedded insurance and faster claims disbursement. Swarup Kumar Sahoo, a Senior Insurance Analyst at GlobalData, noted, “The pipeline of new projects, rising residential values, sustained luxury demand, and investment in public infrastructure will continue to drive the growth of property insurance in Singapore.”
The luxury housing segment has seen a notable increase, with transactions valued at $5m and above rising by over 20% in Q3 2025 compared to the previous year. This trend signals a demand for higher-limit home policies. Additionally, regulatory changes, such as the increased holding period and seller stamp duty, are expected to encourage long-term ownership and comprehensive home insurance.
Digital distribution is accelerating sales, with online insurance markets poised for further growth through 2026. This includes instant policy issuance and AI-enhanced underwriting. Sahoo added, “Real-time payments infrastructure is enabling faster claims payouts after incidents, improving customer experience and trust.”
The rise in residential fires highlights the need for optional home contents policies to avoid underinsurance. As Singapore’s property insurance market continues on its growth trajectory, insurers focusing on digital innovation and climate resilience will be well-positioned to capture premium growth and protect margins.
